Just announced
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Yup. Just like we were told that there would be no layoffs after knowingly increasing the NSI buckets.
Q&A sent to managers today said cuts are not expected to be perfoance based or tied to new assessment system
@xsb+17ht65zZ You are right. Darren Woods will probably increase the NSI percentage to 20% next year and these poor performers will be out by next June if they choose PIP. Hope to have a dividends hike!
Cuts will be performance-based where possible (not all European countries allow that easily) - most will be linked to specific roles disappearing and these layoffs are not PIPs; they are redundancies. Packages for redundancies will of course take time to be established - there are strong unions in Europe, so not as straightforward as with the US (or the attempt in Singapore).
20% without people being let go via PIPs? If >10% of American headcount is being let go via that program, will we publically announce less headcount reductions?
What will the cuts be based on? Performace? Any severance package offered?
Result of 2nd country strategy (after Australia).
This came from Linda DuCharme, our upstream business development and integrated solution President and Liam Mallon, president upstream oil and gas
A memo was circulated.
20% cuts in Europe and heavy cuts in F&L
Who announced it?
Disclaimer: I work for a competitor